Money and its creation.

Blaise Tchoula made this Rhyddid Gwybodaeth request to Her Majesty's Treasury

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

Roedd y cais yn rhannol lwyddiannus.

Dear Her Majesty’s Treasury,

1) Would you please inform the public about what money is?

2) What is the history of the pound £, how and when does it come into existence?

3)The £5 notes says "I PROMISE TO PAY THE BEARER THE SUM OF FIVE POUNDS"?
3)(A) Who is making the promise?
3)(B) What does it mean in practical term?

4)Are promissory notes Legal Tender?

5)Are Government departments obliged to accept Promissory Note?

6) In which circumstances have they got the right to refuse Promissory Note or Legal Tender?

Yours faithfully,

MR BLAISE TCHOULA .

FOI Requests, Her Majesty's Treasury

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Gadawodd Darryl J Lee (Mr.) anodiad ()

MR BLAISE TCHOULA .

You might like to read my Request to HMT.
Search - "Remit over Currency and Promissory Notes".

I doubt HMT will provide any useful information in reply to your Request (from experience).

However from my own knowledge I can offer these answers:

1) Would you please inform the public about what money is?

Anything of perceived value that can be exchanged; (Potatoes, Gold and Camels have all been used as "money" but I wouldn't go to the building society and try to pay in a sack of potatoes).

2) What is the history of the pound £, how and when does it come into existence?

HMT will say that they don't have this information. They might direct you to The Bank of England. (The Bank of England's website has a section on the history of money).

3)The £5 notes says "I PROMISE TO PAY THE BEARER THE SUM OF FIVE POUNDS"?
3)(A) Who is making the promise?
3)(B) What does it mean in practical term?

The Bank of England makes the Promise. (Their name, location and a signature is all present).
It is the "Promise" that is "the Payment" NOT the actual honouring of that promise. (See the definition of "Consideration" - which has been the same for hundreds of years. - Search: definition in law of Consideration (words of Mr Justice Lush)

Note: if you take a bank note to the Bank of England's head office in London they will simply give you another banknote.

4)Are promissory notes Legal Tender?

HMT will say that they don't have this information.
So for your information:
Promissory Notes and Bearer Negotiable Instruments are always "Cash" but only Banknotes (promissory Notes issued by the Bank of England) can be "Legal Tender" .

5)Are Government departments obliged to accept Promissory Note?

Putting it Simply: NO.
(Payments into Court Rules was amended to prevent the presentation of promissory notes that are not banknotes)

6) In which circumstances have they got the right to refuse Promissory Note or Legal Tender?

I suspect what you really need to know concerns promissory notes that are not bank notes. A person (including a Government Dept) can refuse to accept a Promissory Note in ALL circumstances UNLESS they have agreed BEFORE the Notes are presented to them to accept them.
Remember, you are paying with your "Promise". A person does not need to accept your "Promise" even if he is entitled to.

Hope this helps.

FOI Requests, Her Majesty's Treasury

Dear Sir/Madam,

Thank you for your Freedom of Information request. I write to confirm receipt of your request and to let you know that it is receiving attention. If you have any enquiries regarding your request do not hesitate to contact us.

Regards,

Information Rights Team

dangos adrannau a ddyfynnir

FOI Requests, Her Majesty's Treasury

1 Atodiad

Dear Mr Tchoula,

Please find attached HM Treasury's response to your Freedom of Information request. Below are the links cited in the attached response:

http://www.royalmintmuseum.org.uk/coins/....

http://www.royalmintmuseum.org.uk/coins/...

http://www.bankofengland.co.uk/banknotes...

http://www.legislation.gov.uk/ukpga/Vict...

http://edu.bankofengland.co.uk/knowledge...

Yours sincerely

Information Rights Unit | Correspondence and Information Rights Team | HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ | www.gov.uk/hm-treasury